The propaganda of the Keynesian ivory tower econometrics has intentionally confused everyone about the difference between supply changes of money and supply/demand changes of commodities.

Bitcoin is a hedge against profligate fiat issuance.

Right now they are burning, burning burning dollars, and every derivative fiat will be rekt by it, all commodity prices are going down but that's all just window dressing.

Demand for commodities is also down at the same time, and for a change holding dollars isn't a bad idea. As soon as they lift their paws off the brakes it's back to Bitcoin though.